Binance launches new crypto tax tool in Italy

Popular crypto-exchange Binance today launched a new tool for crypto taxes in Italy: Tax Assistant.

Users will be able to get support from the platform to create the report for tax purposes. 

Binance and crypto taxes in Italy: the launch of Tax Assistant

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, today launched a new crypto tax tool in Italy: Tax Assistant. 

Basically, directly on the platform, Italian users will be able to easily access the details of their crypto assets and download a summary report of gains or losses that have occurred on Binance. 

Such a Binance Tax Assistant report will aim to assist users in preparing and filing their tax returns.

The so-called “binancians” of the Bel Paese, will be able to access the new feature dedicated to crypto taxes, directly in their account on Binance, so that they will find themselves the history of their crypto-assets, capital gains and income generated by activities carried out on Binance, with the possibility of downloading this information in the form of a report.

In this regard, Gianluigi Guida, General Manager of Binance Italy commented as follows:

“At Binance we are committed to providing innovative solutions that enhance our users’ experience. The launch of Binance Tax Assistant is a significant step towards this goal and aims to make it easier for our users to fill out a tax return that is in line with the Italian regulations on crypto-assets taxation issued in January this year. 

We will continue to work to improve the tool in order to come even more in line with the needs of our users and current regulations. At Binance, we are proud to offer innovative solutions that make the cryptocurrency world more accessible and transparent for everyone.”

Binance and the crypto tax tool available in Italy as well

The Tax Assistant project was initially tested as a pilot project in France, and given its development, Binance wanted to extend it to other countries, including Italy. 

In this regard, Mayur Kamat, Head of Product at Binance said:

“We are always working to create new products to make our users’ lives easier, and this often means listening and reacting directly to customer feedback. We understood that our users wanted an easier way to be able to see and understand their taxes, so we are excited to bring this new free tax tool in Italy.”

At the moment, Binance’s new crypto tax tool is in the early stages of its development and does not yet include other platforms or wallets. 

This does not detract, that in the not so distant future, Binance is ready for new integrations and useful improvements to develop this product for its users. 

Binance and crypto fees: the new wallet and crypto-exchange tools

Binance joins those platforms that seek to support their users in their tax returns by providing reports on their crypto movements as a function of the taxes that then have to be paid. 

Hence, crypto taxes have become a new need that crypto companies are trying to solve. 

And indeed, in addition to Binance, Revolut’s global financial app has also announced its partnership with Koinly, precisely to support its clients in dealing with cryptocurrency tax reporting obligations. 

Revolut’s clients will be able to generate tax reports for whatever they need related to cryptocurrencies held either within the financial app or in any other wallet or trading platform. 

Meanwhile, Bitpanda, the Austrian crypto-exchange, announced its partnership with Blockpit to offer its users the opportunity to purchase discounted licenses and receive tax advice from crypto experts. 

Speaking instead of Italy, it is worth noting that the tools dedicated to managing the tax aspect of crypto are really scarce. 

In addition to those chosen by the platforms, Italian users can also rely on Cryptobooks, an app that allows to connect wallets and exchange accounts used in a single solution, so as to control and track all crypto held by the Italian investor. 

The latest news from the industry’s most popular crypto-exchange

Binance has taken the top spot as the industry’s most popular crypto-exchange, in part because of its pole position when it comes to launching new services. 

And indeed, in May Binance announced that it will integrate Bitcoin’s Lightning Network into its platform and later its first launch into the metaverse with its new reality show Build The Block. 

The integration of Bitcoin’s Lighting Network (LN), comes shortly after the surge in inscriptions with Bitcoin’s Ordinal NFTs, which had clogged BTC’s network to the point that Binance itself had to momentarily stop withdrawals from the crypto-exchange. 

In looking for a solution, Binance was obviously bound to consider LN, which turns out to still be the layer that can scale the Bitcoin blockchain. 

In the second case, Binance’s new entry into the metaverse sees a crypto-themed reality show with 12 industry startups competing against each other.

Episodes will be live and involve the audience, a panel of judges, and a real Web3 entrepreneurial challenge. Build The Block is the platform’s latest innovative experiment.